First Credit Union: How a credit union is different than a bank

First Credit Union explains the difference between a credit union and a bank.

KNXV

KNXV

Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

First Credit Union is a paid sponsor of Sonoran Living Live

Ever wonder what's the difference between a credit union and a bank? Today we have Lori Gallegos from First Credit Union to talk about that difference and tell us about their Rockin' Rates for car loans, as well as their involvement with the Fiesta Bowl Parade!

Q: What's the difference between a credit union and a bank? A: That's a great question! I think there is a lot of confusion and misunderstanding about credit unions. Basically, credit unions offer most of the same products and services as banks but they are some important differences. · First, credit unions are not-for-profit financial cooperatives. That means they are owned by their members and virtually anyone is eligible to become a member. So when you open an account you become a member of the credit union, but you also become an OWNER of the credit union too. · Second, being a cooperative, it means credit unions share their resources with other credit unions. In fact, the ATM network shared among credit unions across the country, it's called the CO-OP ATM Network, has more ATM locations than any bank in America. · And finally, because credit unions are not-for-profit, they tend to offer consumers lower loan rates and higher deposit rates. All of those differences make credit unions a great alternative to banks whether you're looking for a checking account or just about any kind of consumer loan. I'd also like to mention First Credit Union, was in fact, the first credit union established in Arizona. We've been offering better banking since 1929.

Q: Lower loan rates, that sounds good. Tell me about that. A: Yes, First Credit Union offers some of the lowest loan rates in Arizona. We call them "Rockin' Rates," plus we offer no loan payments for up to 90 days. That means you can finance a new or used car, truck or SUV or refinance a vehicle loan you already have with another lender NOW and make no loan payments until March 2013. It's a really great opportunity and rates are still among the lowest they've been in years. We call them Rockin' Rates because we want to let people know First Credit Union offers affordable rates and do it in such a way that appeals to younger consumers who may not be familiar with credit unions and all we have to offer. Hopefully Rockin' Rates will get us on the radar of young adults when searching for an auto loan.

Q: You mentioned refinancing an auto loan. Is it difficult? A: No, refinancing a vehicle loan is SO easy! Generally, it only takes 1 to 2 days. It's so simple: · Just complete a loan application · Let us know where your vehicle is currently financed · Provide us with some basic vehicle info -- make, model & VIN · And we do the rest - most of the time, you can apply today and fund tomorrow. It's really THAT simple!

Q: How do you get a loan or refinance a loan at First Credit Union? A: It's easy, just call, click or visit! To apply for a loan or refinance a loan, simply: · Call 480-831-2645, or · Click on the "Apply for a Loan" link on our homepage at FirstCU.net, or · Visit any of our 7 Valley locations

Q: I understand First Credit Union is involved with the Fiesta Bowl Parade. Tell us about that. A: Yes, First Credit Union is a proud sponsor of the Fiesta Bowl Parade and the Buffalo Wild Wings Bowl too. · Both events take place on Saturday, December 29th · Be sure to listen for the "First Credit Union First Down" announcement after each first down during the Buffalo Wild Wings Bowl -- kick-off is at 8:15p.m. · Earlier that day we're very excited to actually be in the Fiesta Bowl Parade · Our employees and their families will be walking with our new, 20-foot-tall, lime green "Piggy Bank" helium balloon · He's really cute! He's wearing sunglasses & flip-flops, and has a little "we love our members" tattoo on his behind · We'd like to name our piggy bank and are asking for suggestions. If you have any ideas, please share them with us. Go to First Credit Union's Facebook page, there is a link on our homepage at FirstCU.net, and share your ideas for names for our piggy bank balloon! · Again, the Fiesta Bowl Parade is on Saturday, December 29th, it's free to attend and starts at 11a.m. - you can find complete parade details on our website at FirstCU.net · If you can't go the parade, be sure to tune in to watch live right here on ABC15!